MONTREAL—New Look Vision Group Inc. (TSX: BCI), a leader in the Canadian retail optical industry with 376 stores across Canada, reported that revenues reached a record $77.2 million and adjusted EBITDA totaled $15.3 million in the second quarter, representing increases of 39.5 percent and 40.3 percent, respectively, compared with the year-ago period. The revenue increase in the 13-week quarter ended June 30 was mainly due to last year’s acquisition of Iris, as well as comparable-stores sales growth of 2.6 percent, New Look Vision said in an announcement late last week. As a percentage of revenues, adjusted EBITDA in the second quarter increased to 19.8 percent from 19.7 percent during the same period last year.

“The record second quarter ended with strong financial and operating results and progress toward our deleveraging goals,” New Look Vision president and chief executive officer Antoine Amiel said in the announcement. “While overall results benefited significantly from the Iris acquisition, Q2 is the 16th consecutive quarter of comparable-store sales growth. Entering the second half of the year, we maintain our unwavering focus on integration efforts and strengthening our position in the consolidating Canadian retail optical industry.”

New Look Vision entered into a definitive agreement to acquire Iris Le Group Visuel (1990), Inc. in July 2017, as VMAIL reported. 

According to the financial announcement last week, New Look Vision’s net earnings attributable to shareholders totaled $4 million in the recent quarter, compared with $2.6 million in the year-ago period. The increase was “mainly due to a higher EBITDA, offset by depreciation, financial expenses and income taxes,” the company said. Adjusted net earnings attributed to shareholders (or net earnings adjusted to remove the impact of depreciation, acquisition-related costs, equity-based compensation, and other non-comparable costs) increased by $2.3 million in the quarter, or 20 percent, to $9.3 million.

The increase is mainly due to higher EBITDA offset by higher depreciation, financial expenses, and income taxes. Free cash flow reached $7 million, an 84.2 percent increase over the same period last year.

For the year-to-date, revenues and adjusted EBITDA reached a record $147.0 million and $26.7 million respectively, which represent increases of 38.1 percent and 41.9 percent, respectively, over last year. Net earnings attributed to shareholders were $6.2 million compared with $3.9 million in the year-ago period.

New Look Vision’s network of stores operate mainly under the New Look Eyewear, Vogue Optical, Greiche & Scaff and Iris banners.